Welcome to the weekend news dump.
The news dribbling out on a weekend is usually the stuff companies want to bury, and there’s been a couple of obvious stinkers these last few days.
Yahoo (YHOO) has apparently agreed to hand over $55m to, let’s face it, terrible CEO Marissa Mayer, in the event she managed to successfully auction off the company’s core business.
Yahoo stock is in tatters and the company has no idea what it is anymore. But hey, thanks for all your hard work, Marissa, make sure to pick up your cheque on the way to your next corporate affliction.
In oil country, giant oil services contractor and generally eville conglomerate Halliburton (HAL) will pay out a hopping $3.5 billion to competitor Baker Hughers (BHI) because the industry #2 and former fiefdom of Dick Cheney is taking too much heat for its plans to merge with the industry #3.
The deal, had it gone through, was supposed to be worth $28 billion. Breakups are a bitch.
Canadian national corporate welfare queen Bombardier (BBD.B) is still pressuring the federal government to invest in the company’s C-Series jet, now that a deal has been done with Delta for 50 of the things.
PM Justin Trudeau said Saturday he gets how important Bombardier is to Quebec.
“That’s why we’re engaged in negotiations and discussions with Bombardier, and have been for quite a while, around the right business case for Canada to invest,” Trudeau said to reporters in Montreal.
Meanwhile, the CEO of the company says he is “not pleased with where we are” in terms of ongoing delivery delays to the city of Toronto for its light rail contract. Toronto isn’t pleased either, considering they earmarked $1.2 billion for 200 streetcars that have yet to show up..
Warren Buffett took some hard questions at his annual investor retreat, with operating and net earnings down. Asked how he explains his investment in Coca Cola (KO) considering health concerns, Buffy told the gathered that he likes to get his calories ‘from things that make me feel good.’
Vice Chairman Charlie Minger called the question, “immature and stupid.”
Puerto Rico will default on $370 million in debt payments Monday, which will bring things in the US to a bit of a tizzy for the rest of the week.
The Canadian federal government (mostly the former Canadian government) has flipped $75 million to the victims of the Lac-Megantic rail disaster, on the condition they don’t sue the 24 other defendants in the case. Nobody admits any wrongdoing as part of the deal.
Panama President Juan Carlos Varela has given the nod to a gold seal team of dignitaries and pointy heads to figure out how to clean up their financial system. The committee will take six months to do it’s thing because, hey, no rush, guys.
Also no rush at Valeant Pharmaceuticals (VRX.T), who finally got around to getting some financials for 2015 posted. Activist investor Bill Ackman has scored two spots on the rejigged board of directors, with many new folks nominated for upcoming elections.
The other option would be to just set the whole thing on fire and start again.